Figure Heloc (FIGR_HELOC)

Figure HELOC is unlike anything else near the top of the crypto rankings: not a currency, not a utility token, but tokenised home-equity credit. Each unit represents exposure to home equity lines of credit (HELOCs) originated through Figure Technologies, with the assets recorded and transferred on the Provenance blockchain.

It exemplifies the RWA (real-world asset) movement: putting traditional financial instruments onto blockchain rails for faster settlement, composability and fractionalisation.

An asset backed by a pool of US home-equity lines of credit, structured and recorded using blockchain infrastructure from Figure. The underlying value derives from borrowers repaying home loans — real debt with real collateral — rather than network effects or speculative demand.

Figure Technologies, founded by SoFi co-founder Mike Cagney, is a US fintech that went public in 2025; its Provenance blockchain is its underlying ledger platform on which these tokenised financial assets live.

Figure originates HELOC loans to US homeowners and tokenises them: the loan assets are structured into on-chain instruments that can be held and transferred by qualified participants on the Provenance blockchain.

Returns derive from interest paid by borrowers on the underlying home loans, net of servicing and defaults — making this closer to a bond/credit instrument than to a typical cryptocurrency. Distribution and trading of such institutional products is typically restricted to qualified or institutional participants rather than open retail markets.

Figure was founded in 2018 by Mike Cagney (co-founder of SoFi) to originate consumer lending on blockchain rails, particularly HELOCs — an area where traditional processes were slow and paperwork-heavy.

The company became the largest non-bank HELOC originator in the US, built the Provenance blockchain as its asset-ledger layer, and listed on the Nasdaq in September 2025. Tokenised HELOC volume from Figure became one of the largest measurable slices of the on-chain RWA market.

There is no open market 'coin economics' in the typical sense: tokenised HELOC supply reflects the volume of loans issued and outstanding, and value tracks principal and interest from the mortgage debt rather than crypto market dynamics.

The market-cap-style figure shown above represents the on-chain value of the loan pool and should not be interpreted like the valuation of a tradeable token with free-floating speculative supply.

This is not a retail-tradable asset and is not available on Australian exchanges. Tokenised institutional credit products of this kind are offered to qualified institutional participants in the US market. Most Australian retail investors cannot and should not expect to buy it.

The inclusion of this asset in the price rankings reflects its on-chain recorded value, not an invitation to trade — do not seek out lookalike tickers using this name.

The risks are those of US consumer credit: borrower defaults, housing-market weakness, interest-rate changes, and the structural/liquidity constraints of private credit instruments on chain.

For retail readers, the paramount point is simpler: this is not a tradeable retail token, and anything marketed as an easy way to buy it should be treated with extreme suspicion.